The pensions lifetime allowance reduced from £1.5m to £1.25m on 6 April 2014. However individuals are able to retain a higher lifetime allowance than £1.25m if they apply for individual protection 2014. HMRC have now published regulations which allow applications for individual protection 2014 to be made from 18 August 2014. The August 2014 edition of the Pensions Newsletter is also now available.

Individual Protection 2014 is available to apply for online and is open to anyone whose pension benefits were already worth more than £1.25m on 5 April 2014. Under individual protection 2014 an individual has their own personal lifetime allowance equal to the value of their benefits on that date (subject to a maximum of £1.5m).